UPDATE: Oil futures climb nearly 2% to settle back above $50

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Tue, 3 Mar 2015

Oil futures on Tuesday to settle back above $50, with violence in Libya and concerns surrounding Iran's nuclear program feeding worries about global oil supplies. April crude (CLJ5) rose 93 cents, or 1.9%, to settle at $50.52 a barrel on the New York Mercantile Exchange. -Myra P. Saefong;